Crypto
Is Bitcoin About to Surge 20%?
Bitcoin price prediction remains neutral to slightly bullish, as technical indicators indicate investor indecision. The BTC/USD pair is trading in a narrow range of $19,210 to $19,000.
The cryptocurrency market is devoid of volatility, and investors appear to be waiting for a solid fundamental reason to trigger breakouts.
Let’s start with the news highlights, and then I’ll go over the technical outlook to determine price prediction.
War-Driven Crypto Activity in Russia and Ukraine
As the conflict between Russia and Ukraine worsens, so does the volume and intensity of cryptocurrency activity.
New York-based blockchain analysis firm Chainalysis released a report on the rapidly expanding use of crypto, the vast majority of which is illegal in origin, in Eastern Europe as a preview of its forthcoming 2022 Geography of Cryptocurrency Report.
Residents of both countries began engaging in significantly more activity shortly after Russia’s invasion of Ukraine in February. Economic conditions deteriorated during the height of the conflict, resulting in suffocating price increases.
Chainalysis found that people in Russia suffering from the economic sanctions imposed by many countries as a form of criticism for the invasion were more likely to hold stablecoins than any other type of digital asset.
According to the research organization, Russia’s volume of stablecoin transactions rose from 42% in January to 67% in March. Overall, crypto activity in the country has increased since then.
Elliptic, a blockchain analytics business, found that the country received $63 million in Bitcoin and other cryptocurrency donations in the two weeks following the invasion. According to a story published by the Financial Times in 2022, cryptographic assistance to Ukraine has already surpassed the $100 million mark.
To cut a long story short, there has recently been increased adoption of Bitcoin and altcoins, which is likely to have a positive impact on Bitcoin price.
Stronger US Dollar Keeps BTC Lower
One of the reasons behind a slowdown in Bitcoin’s upward movement could be associated with a stronger US dollar. A day before, the University of Michigan reported consumer sentiment figures that showed a significant improvement. Consumer sentiment increased in October 2022 to 59.8, the highest level in six months, from 58.6 the previous month and higher than market predictions of 59.
Alongside, after an upwardly revised 0.4% increase in August, the Commerce Department reported Friday that sales were flat in September. There was a correction made to the August sales figure, which revised the growth to 0.7%.
Despite the fact that the data is flat, the market views it positively, and it will encourage the Federal Reserve to raise interest rates by 0.75 percentage points at its November policy meeting.
Bitcoin Price Prediction – Is BTC About to Surge 20%?
The current Bitcoin price is $19,168, and the 24-hour trading volume is $28 billion. Bitcoin has fallen over 2% in the last 24 hours. CoinMarketCap now ranks first, with a live market cap of $367 billion.
Bitcoin has found immediate support near $19,135 and has also crossed below the 50-day moving average, indicating a bearish trend. A break below $19,135 may cause BTC to fall to prior triple bottom support near $18,709, while another breach may cause BTC to fall to $18,246.
On the upside, resistance is still located near $19,958. If the price goes below $19,135, investors are likely to consider selling. A bullish breakout of $19,960 and $20,458 on the other hand, has the potential to drive a price uptrend of up to 20%.
New Crypto Presales
One way to combat the bearish cryptocurrency market and extreme volatility is to invest in a new token presale.
We’ve been keeping an eye on the IMPT token presale, a new cryptocurrency that recently raised over $4.6 million in a seed round.